December 18, 2006
ABBREVIATED NOTICE REGARDING FINANCIAL RESULTS (Kessan Tanshin)
FOR THE FISCAL PERIOD ENDED OCTOBER 31, 2006
(From November 2, 2005 to October 31, 2006)
Top REIT, Inc. is listed on the Tokyo Stock Exchange with the securities code number 8982.
URL:http://www.top-reit.co.jp
Contact: Top REIT Asset Management Co., Ltd.
Hiromichi Iwasaki, General Manager, Planning & Administrative Dept.
Tel:+81-3-3243-2181
Date of the meeting of the board of directors for the approval of financial results: December 18, 2006
Scheduled date for commencing dividend payments: January 16, 2007
This abbreviated notice regarding the financial results (kessan tanshin) of Top REIT, Inc. has been preparedin accordance with generally accepted accounting principles in Japan and Japanese law. Figures less than
one million yen have been rounded down.

1.

PERFORMANCE FOR THE FIRST FISCAL PERIOD (From November 2, 2005 to October31, 2006)(1) Business Results
Operating
Revenues
First Fiscal Period

Percentage
ChangeOperating
IncomePercentage
ChangeOrdinary
IncomePercentage
Change－%¥3,258－%¥2,731－%¥5,420Net Incomeper UnitFirst Fiscal Period¥17,707

Net Income to
Net Assets
Ratio(Millions of Yen)Net
Percentage
IncomeChange¥2,729<Reference>
Annualized

Ordinary
Income toTotal Capital
Ratio<Reference>
Annualized

5.0%

2.6%

3.9%

3.4%－%(Yen)
Ordinary
Income toOperating
Revenues
Ratio
50.4%

Notes:
1.
2.

3.

4.
5.
6.

The first fiscal period was from November 2, 2005 to October 31, 2006, a period of 364 days. The actual
period of asset management, however, was from March 1, 2006 to October 31, 2006, a period of 245 days.
Net income per unit is calculated by using the average number of investment units outstanding for the period.
The average number of investment units outstanding for the fiscal period under review was 154,146 units (theaverage number of investment units for the actual period of asset management).
Percentages of change for operating revenue, operating income, ordinary income and net income represent thepercentages of increase or decrease as compared with the preceding fiscal period. Such percentages are notapplicable in this document as the fiscal period under review is the first fiscal period.
Changes in accounting policies: Not applicable.
Annualized percentages = Percentages for the fiscal period under review / Number of days in the actual periodof asset management (245 days) x 365 days
Net income to net assets ratio and ordinary income to total capital ratio are calculated by using the average ofthe amounts of net assets as of the first date of the period and as of the last date of the period, and the averageof the amounts of total capital as of the first date of the period and as of the last date of the period. For thiscalculation, the first date of actual asset management (March 1, 2006) is deemed as the first date of the period.

1(2) Dividend
Dividend per
Unit (Yen)(Excluding
Dividend in
Excess ofEarnings)

Total Amountof Dividends(Millions ofYen)

Dividend in
Excess ofEarnings per
Unit (Yen)

Total Amountof Dividends in
Excess ofEarnings

Dividend
Payout Ratio

Dividend Ratio
to Net Assets¥17,609¥2,729¥0－

100.0%

3.2%

First Fiscal Period(3) Financial Position
Net Assets(Millions of Yen)

Total Assets(Millions of Yen)First Fiscal Period¥128,340

Net Assets
to Total Assets¥84,903Net Assetsper Unit (Yen)

66.2%¥547,763

Note: The total number of units outstanding as of October 31, 2006 is 155,000 units.

2. FORECAST OF RESULTS FOR THE SECOND FISCAL PERIOD (From November 1, 2006 toApril 30, 2007)
Operating
Revenues(Millions ofYen)
Second Fiscal Period¥4,437

Ordinary
Income(Millions of Yen)Net
Income(Millions of Yen)

Dividend per Unit(Yen)(Excluding Excessof Earnings)

Dividend in Excessof Earnings perUnit (Yen)¥2,093¥2,092¥13,500－Reference: Estimated net income per unit for the second fiscal period: ¥13,500Note: Forecasts presented in this document are based on “Assumptions for Forecasts for the Second Fiscal Period(from November 1, 2006 to April 30, 2007).” Forecasts for operating revenues, ordinary income, net income, dividend
per unit may differ significantly from actual results due to changes in operating conditions and a variety offactors. Accordingly, Top REIT does not guarantee any forecasted dividend amount.

The information above is translated from the first page of the Japanese “Kessan Tanshin”
report, dated December 18, 2006. TOP REIT Inc. makes no assurance or warranty withrespect to the completeness or accuracy of this English translation. To guarantee complete
and accurate information, please refer to the original report in Japanese.

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